96
Cordlife Group Limited
Annual Report 2016
Notes to
The Financial Statements
for the financial year ended 30 June 2016
26. Insurance contract liabilities
Group
Company
2016
2015
2016
2015
At 1 July
–
–
–
–
Change in insurance liabilities during the year
1,056
–
–
–
At 30 June
1,056
–
–
–
Insurance liabilities represent outstanding claim liability and liability for expected future claims to be incurred
as a result of the Group entering into new insurance arrangement with customers during the year. As at
30 June 2016, the outstanding claims liability amounted to $63,000, which is reinsured by an annual renewable
reinsurance agreement effective for the financial year. Reinsurance asset of $63,000 is recognised under other
receivables (see Note 19) as at 30 June 2016.
27. Deferred revenue
Deferred revenue represents revenue received in advance for services to be rendered under cord blood and
cord lining banking contracts which have a tenure of 18 to 25 years.
28. Interest-bearing borrowings
Group
Company
2016
2015
2016
2015
$’000
$’000
$’000
$’000
Current liabilities
Short-term loans:
Loan II
–
3,500
–
3,500
Current portion of long-term loans:
Loan I
277
306
277
306
Loan IV
1,167
–
1,167
–
Loan III
680
680
680
680
Total current liabilities
2,124
4,486
2,124
4,486
Non-current liabilities
Non-current portion of long-term loans:
Loan I
5,049
5,315
5,049
5,315
Loan IV
2,333
–
2,333
–
Loan III
1,360
2,040
1,360
2,040
Total non-current liabilities
8,742
7,355
8,742
7,355
Loan I
Loan I comprises a SGD bank loan drawn down on 1 July 2011 under an approved $6,450,000 loan facility
secured by a first mortgage over the Group’s leasehold building (Note 12) and investment properties (Note
13) and a charge over all current trade receivables of the Company (Note 18). With effect from 10 June
2014, interest rate has been revised to prevailing Enterprise Financing Rate (“EFR”) - 4.0%, EFR - 3.7%, and
EFR - 3.3% for the first, second and third years respectively, and 3% + 3-month SIBOR thereafter. The loan is
repayable over 240 monthly instalments.
